I found that after paying off medical school loans and paying malpractice insurance, and factoring in that most doctors don’t get vacation and work more hours per week than I do, it might not be worth the added years of schooling and the added stress unless you really love what you’re doing. Here are some calculations:

The Programmer

Assumptions

• The average programmer makes around $70,000 mean salary while in the work force
• They get a 2-week vacation
• They work 40 hours per week for the remaining 50 weeks
• They start working at 22 and retire at 59. (37 years of earnings)

? (70000 * 37)/(37*50*40.)
= 35.00

$35 per hour

$2,590,000 lifetime earnings

This is assuming the programmer goes to a state school and has little or no debt. Ivy-leaguers might have some more issues.

The Doctor

Assumptions

• The doctor makes around $150,000 per year
• He/she works 50 hours per week (which can vary per specialty, but some are as high as 80-100 hours per week)
• The doctor pays $23,000 in malpractice insurance per year
• He/she has $120,000 in debt from medical school and plans to pay it off in 10 years at 5% interest (62.88% more compounded)
• He/she has a residency of 4 years, making $40,000 per year
• They start medical school at 22, finish at 26, are a resident until 29, and retire at 59. (30 years of good earnings)

Now, let’s make a nice huge equation for a doctor:

? ((150000*30) + (40000*4) - (23000*34) - (120000 * 1.6288))/(34*52*50.)
%1 = 41.65773755656108597285067873

$41.66 per hour

$3,682,544 lifetime earnings

The Anesthesiologist

Assumptions

• $23,000 in annual Malpractice Insurance
• $340,000 annual salary
• Start medical school at 22, finish at 26, spend 5 years in residency at $50,000 per year (source)
• $120,000 in debt from medical school
• 65 hours per week working

? ((350000*29) + (50000*4) - (23000*34) - (120000 * 1.6288))/(34*52*65.)
%3 = 81.55711799512704490080055691

$81.56 per hour

$9,372,544 lifetime earnings

So, after all that hard work, all those stressful hours, all that worrying about job security (especially for anesthesiologists), in this case regular doctors would make about $6.66 more per hour, but anesthesiologists would make about $46.55 more per hour. Now, I do realize that being a doctor isn’t all about money. This is just a warning for those who are misled by the high salaries. If you believe you would enjoy being a doctor, go for it! Obviously, it seems to work out for the anesthesiologists.  But, if you don’t think it’s right for you, you may consider other things that in the end pay almost as well.

Uncategorized doctor, life, money, school